Oaktree Specialty Lending Corp (OCSL) 2025 Q1 法說會逐字稿

Welcome, and thank you for joining Oaktree Specialty Lending Corporation's first fiscal quarter conference call. Today's conference call is being recorded. (Operator Instructions) Now I would like to introduce Dane Kleven, Head of Investor Relations, who will host today's conference call. Mr. Kleven, you may begin.

歡迎並感謝您參加 Oaktree Specialty Lending Corporation 第一財政季度電話會議。今天的電話會議正在錄音。（操作員指示）現在，我想介紹投資者關係主管 Dane Kleven，他將主持今天的電話會議。克萊文先生，您可以開始啦。

Thank you, operator, and thank you all for joining our call. We appreciate your support of Oaktree Specialty Lending Corporation. This morning, we issued our earnings release and accompanying slide presentation, which can be accessed on the Investors section of our website at oaktreespecialtylending.com. We encourage investors, the media and others to review the information posted on our website.

謝謝接線員，也謝謝大家加入我們的通話。我們感謝您對 Oaktree Specialty Lending Corporation 的支持。今天早上，我們發布了收益報告和隨附的幻燈片演示，您可以在我們網站 oaktreespecialtylending.com 的投資者部分上找到。我們鼓勵投資者、媒體和其他人查看我們網站上發布的資訊。

Joining us on the call today are Armen Panossian, Chief Executive Officer and Co-Chief Investment Officer; Raghav Khanna, Co-Chief Investment Officer; Matt Pendo, President; and Chris McKown, Chief Financial Officer and Treasurer.

今天參加電話會議的有執行長兼聯席首席投資長 Armen Panossian； Raghav Khanna，聯合首席投資長；總裁 Matt Pendo；以及財務長兼財務主管 Chris McKown。

Before we begin, I want to remind you that comments on today's call include forward-looking statements reflecting our current views with respect to our future operating results and financial performance. Our actual results could differ materially from those implied or expressed in the forward-looking statements. Please refer to our SEC filings for a discussion of these factors in further detail.

在我們開始之前，我想提醒您，今天電話會議上的評論包括前瞻性陳述，反映了我們對未來營運績效和財務表現的當前看法。我們的實際結果可能與前瞻性陳述中暗示或表達的結果有重大差異。請參閱我們的 SEC 文件以了解有關這些因素的詳細討論。

We undertake no duty to update or revise any forward-looking statements. I'd also like to remind you that nothing on this call constitutes an offer to sell or a solicitation of an offer to purchase any interest of an Oaktree fund.

我們不承擔更新或修改任何前瞻性陳述的責任。我還想提醒您，本次電話會議中的任何內容均不構成出售要約或購買 Oaktree 基金任何權益的要約邀請。

Before we turn to our results, I want to address the recent fires and the impact they've had on our community. We're heartbroken by the devastation caused by the fires in Los Angeles, Oaktree's headquarters, and our homes since our founding in 1995.

在我們了解結果之前，我想先談談最近的火災及其對我們社區的影響。自 1995 年成立以來，洛杉磯、橡樹資本總部以及我們的家園所遭受的火災給我們造成了巨大的破壞，我們對此深感痛心。

In response to these tragic events, we deployed a variety of resources to ensure the safety and well-being of our employees, and Oaktree will continue to support the long and challenging road to recovery for them as well as the broader Los Angeles community. Despite these challenging circumstances, we've kept our operations running without interruption, allowing us to continue to serving our clients.

為了應對這些悲劇事件，我們部署了各種資源來確保員工的安全和福祉，橡樹資本將繼續支持他們以及更廣泛的洛杉磯社區走上漫長而艱難的復甦之路。儘管面臨這些挑戰，我們仍然保持業務不間斷地運行，並能夠繼續為客戶提供服務。

With that, I would like to now turn the call over to Matt to discuss our results.

說完這些，我現在想將電話轉給馬特來討論我們的結果。

Thanks, Dane. Welcome, everyone, and thank you for joining us today. I want to begin the call by discussing some of the strategic actions we took this quarter to best position OCSL for future success. First, on February 3, Oaktree purchased from OCSL, $100 million of newly issued common stock at a price of $17.63 per share, which is equal to OCSL's net asset value as of January 31, 2025. This represents a 10% premium to the stock price and resulted in a nearly 7% increase to NAV.

謝謝，丹恩。歡迎大家，感謝大家今天的參加。我想先討論我們本季採取的一些策略行動，以便為 OCSL 未來的成功做好準備。首先，2月3日，Oaktree以每股17.63美元的價格從OCSL購買了價值1億美元的新發行普通股，相當於OCSL截至2025年1月31日的淨資產價值。這相當於股票價格溢價 10%，並導致資產淨值增加近 7%。

Second, we permanently amended our fee structure, instituting a cap, also known as a total return hurdle, in the calculation of our Part 1 incentive fee to consider capital gains and losses. The total return hurdle includes a look-back provision that commences effective October 1, 2024, and will build over time to a rolling 12-quarter look back by the company's 2027 fiscal year-end. Under the new incentive fee structure, we are waiving $6.2 million of Part 1 incentive fees this quarter.

其次，我們永久修改了我們的費用結構，在計算第一部分激勵費用時設定了一個上限，也稱為總回報障礙，以考慮資本利得和損失。總回報障礙包括一項回顧條款，自 2024 年 10 月 1 日開始生效，並將隨著時間的推移逐漸建立，到公司 2027 財年末將滾動回顧 12 個季度。根據新的激勵費用結構，本季我們將免除 620 萬美元的第一部分激勵費用。

Third, we amended our dividend policy to include a base dividend and a supplemental dividend. For the upcoming quarter, our Board declared a base dividend of $0.40 per share, plus a supplemental dividend of $0.07 per share, which are both payable in cash on March 31, 2025, and to stockholders of record as of March 17, 2025.

第三，我們修改了股利政策，包括基本股利和補充股利。對於即將到來的季度，我們的董事會宣布基本股息為每股 0.40 美元，加上每股 0.07 美元的補充股息，均將於 2025 年 3 月 31 日以現金形式支付給截至 2025 年 3 月 17 日登記在冊的股東。

We generally expect that the supplemental distributions will be equal to approximately 50% of the amount by which adjusted NII exceeds the base quarterly distribution of $0.40 per share, subject to the Board's approval.

我們通常預計，補充分配將等於調整後的 NII 超過每股 0.40 美元基本季度分配的金額的約 50%，但須經董事會批准。

Taken together, we believe these actions bring several benefits and position OCSL for future success. The equity raise will help grow our asset base and further diversify the portfolio. 2025 Is shaping up to be a more active year than -- 2024 for deal flow and the equity capital, plus the associated impact of leverage will give us the dry powder to capitalize on the attractive opportunities within our growing pipeline.

總的來說，我們相信這些舉措將帶來許多好處，並為 OCSL 未來的成功奠定基礎。股權融資將有助於擴大我們的資產基礎並進一步實現投資組合多樣化。2025 年預計將成為比 2024 年更加活躍的一年，因為交易流量和股本以及槓桿的相關影響將為我們提供充足的資金，以利用我們不斷增長的管道中的誘人機會。

Regarding the amended fee structure, although we have voluntarily waived fees over the past three quarters, the new incentive fee structure is permanent, providing the market and shareholders with more clarity.

關於修改後的費用結構，儘管我們在過去三個季度中自願免除了費用，但新的激勵費用結構是永久性的，為市場和股東提供了更清晰的認識。

Lastly, the change to the dividend policy establishes a stable base dividend that we believe is sustainable through market cycles amid fluctuations in rates and spreads. In addition, we expect our approach to the supplemental dividend to help us grow NAV going forward.

最後，股息政策的改變建立了穩定的基本股息，我們相信，在利率和利差波動的市場週期中，該穩定的基本股息是可持續的。此外，我們預計，我們的補充股息方法將有助於我們未來實現資產淨值成長。

Turning now to financial results. Adjusted NII was $45 million or $0.54 per share for the fiscal first quarter, down slightly from $0.55 per share in the prior quarter. Our net asset value per share declined to $17.63 from $18.09 last quarter. I'll now turn the call over to Armen to provide more details on our portfolio and the market environment.

現在來談談財務結果。第一財季調整後 NII 為 4,500 萬美元，即每股 0.54 美元，較上一季的每股 0.55 美元略有下降。我們的每股淨資產價值從上一季的 18.09 美元下降至 17.63 美元。現在我將把電話轉給阿曼，以提供有關我們的投資組合和市場環境的更多詳細資訊。

Thanks, Matt, and hello, everyone. Before I cover the portfolio and our outlook on the market, I wanted to add my thoughts on the changes Matt outlined. Our private credit platform is a core focus for Oaktree, and OCSL is a critical part of our franchise. While we acknowledge the challenged performance over recent quarters, we remain committed to OCSL.

謝謝，馬特，大家好。在介紹投資組合和我們對市場的展望之前，我想先談談我對馬特所概述的變化的看法。我們的私人信貸平台是 Oaktree 的核心關注點，而 OCSL 是我們特許經營的重要組成部分。儘管我們承認最近幾季的業績表現面臨挑戰，但我們仍然致力於 OCSL。

We believe the equity purchase by Oaktree at a significant premium to the market price is a clear signal of our support. I firmly believe that the actions we laid out today demonstrate our commitment to position OCSL for further growth and success.

我們相信，Oaktree以高於市場價格的價格收購股權是我們支持的明確訊號。我堅信，我們今天採取的行動表明了我們致力於推動 OCSL 進一步發展和成功的決心。

With that said, I'll begin with an overview of our portfolio activity in the quarter before addressing our view on current market conditions. Our portfolio remains well diversified with $2.8 billion of fair value invested across 136 companies as of December 31, 2024, and the weighted average yield on our debt investments remains healthy at 10.7%.

話雖如此，我將首先概述我們本季的投資組合活動，然後再談談我們對當前市場狀況的看法。我們的投資組合仍保持良好多元化，截至 2024 年 12 月 31 日，投資於 136 家公司的公允價值為 28 億美元，債務投資的加權平均收益率仍維持在 10.7% 的健康水準。

During the first quarter, we invested $198 million in five new and eight existing portfolio companies, in line with our strategy to invest at the top of the capital structure. 82% of our portfolio is now in first lien positions, up from 78% a year ago. We remain focused on investing in larger companies and strong sectors that further diversify our portfolio.

第一季度，我們向五家新投資組合公司和八家現有投資組合公司投資了 1.98 億美元，這符合我們在資本結構頂端投資的策略。我們的投資組合中目前有 82% 處於第一留置權位置，高於一年前的 78%。我們將繼續專注於投資規模較大的公司和實力雄厚的產業，以進一步實現投資組合的多元化。

In the first quarter, the median EBITDA of our portfolio companies was $142 million, and the median leverage was 5.4 times. The leverage ratios for our portfolio companies increased slightly from the previous quarter but remain below the average for middle market companies. The vast majority of our portfolio companies are performing well in the current environment with a weighted average interest coverage ratio of 2.1 times, assuming current base rates.

第一季度，我們投資組合公司的 EBITDA 中位數為 1.42 億美元，槓桿率中位數為 5.4 倍。我們投資組合公司的槓桿率較上一季略有上升，但仍低於中型市場公司的平均值。假設當前基準利率，我們投資組合中的絕大多數公司在當前環境下均表現良好，加權平均利息覆蓋率為 2.1 倍。

I'll now address the credit quality of the portfolio. In the first quarter, one investment was restructured and removed from nonaccrual status. However, we classified one new investment as nonaccrual and took further write-downs on other investments.

我現在來談談投資組合的信用品質。第一季度，一項投資進行了重組，並脫離了非應計狀態。然而，我們將一項新投資歸類為非應計投資，並對其他投資進一步減記。

As a result, the investments on nonaccrual status at quarter end were 3.9% of the portfolio at fair value and 5.1% at cost, relatively unchanged from the prior quarter. The new addition to the nonaccrual list this quarter is Dominion Diagnostics, a clinical toxicology testing company in which we hold a first lien term loan and a revolver.

因此，季末非應計狀態的投資以公允價值計算佔投資組合的 3.9%，以成本計算佔 5.1%，與上一季基本持平。本季新加入不計提名單的是 Dominion Diagnostics，這是一家臨床毒理學測試公司，我們持有其第一留置權定期貸款和一筆循環信貸。

Although the company continued to pay cash interest in the December quarter, it has struggled to grow EBITDA and faces liquidity challenges looking ahead, so we felt it was prudent to place it on nonaccrual. We are working closely with management to address these matters.

儘管該公司在 12 月季度繼續支付現金利息，但其 EBITDA 成長一直舉步維艱，而且未來面臨流動性挑戰，因此我們認為將其置於不計提狀態是明智之舉。我們正在與管理層密切合作解決這些問題。

Although not new to our nonaccrual list, we placed the first lien term loan for Dialyze on nonaccrual. As a reminder, Dialyze provide hemodialysis services directly to patients in skilled nursing facilities. Our original investment in Dialyze included a first lien term loan and warrants.

儘管這在我們的不計息貸款名單中並不新鮮，但我們將 Dialyze 的第一筆留置定期貸款列入了不計息貸款名單。提醒一下，Dialyze 直接向專業護理機構的患者提供血液透析服務。我們對 Dialyze 的原始投資包括第一留置權定期貸款和認股權證。

In connection with amendment activity and funding incremental amounts on the term loan, we received a relatively small mezzanine loan at 0 cash cost. We put this smaller mezzanine loan on nonaccrual last summer, as the company's plans to achieve profitability was taking longer than originally forecasted.

在修改活動和為定期貸款提供增量資金的過程中，我們獲得了一筆相對較小的夾層貸款，現金成本為 0。去年夏天，我們將這筆較小規模的夾層貸款列為不計息貸款，因為該公司實現盈利的計劃比最初預測的要長。

Unfortunately, the situation has not materially improved. And given the ongoing cash needs of the company, we placed the first lien term loans on nonaccrual. We are in ongoing discussions with the company and are evaluating all options.

不幸的是，情況並沒有實質改善。考慮到公司持續的現金需求，我們將第一筆留置定期貸款設為不計息。我們正在與該公司進行討論並評估所有選擇。

Along with the investments on nonaccrual, we further wrote down several underperforming assets. These write-downs are concentrated in a handful of struggling investments. We continue to monitor these names closely while taking a conservative approach to their valuation.

除了不提列的投資外，我們還進一步減記了一些表現不佳的資產。這些減記都集中在少數陷入困境的投資。我們將繼續密切關注這些名稱，同時對其估值採取保守態度。

Next, I want to highlight some of the positive developments in the portfolio. I will begin with the discussion on FinThrive, which was removed from the nonaccrual list. FinThrive is a software company that helps health care clients manage their revenue and cash flow and was successfully restructured in November of last year. As part of the transaction, the company raised new capital, extended the maturity of its revolving credit facility and delevered its balance sheet.

接下來，我想強調一下投資組合中的一些正面發展。我將首先討論已從未計提名單中刪除的 FinThrive。FinThrive是一家幫助醫療保健客戶管理收入和現金流的軟體公司，去年11月成功重組。作為交易的一部分，該公司籌集了新資本，延長了循環信貸期限，並降低了資產負債表的槓桿率。

In addition, we continue to make progress with several other names on nonaccrual. For example, EBITDA trends have remained positive for all web leads, and [Avery] successfully closed additional condo sales in 2024, including a penthouse unit. We are optimistic these positive trends in these portfolio companies will continue into the new year.

此外，我們在非應計方面與其他幾個名字的合作也繼續取得進展。例如，所有網路線索的 EBITDA 趨勢一直保持積極，並且 [Avery] 在 2024 年成功完成了額外的公寓銷售，包括一套頂層公寓。我們樂觀地認為這些投資組合公司的正面趨勢將會持續到新的一年。

Turning to our view of the market environment. Although the Fed lowered rates by 50 basis points in the last quarter of 2024 and may reduce rates further in 2025, elevated interest rates remain a challenge for many borrowers, especially those with levered balance sheets. Even with inflation beginning to subside, we do not believe interest rates are going back to ultra-low levels.

談談我們對市場環境的看法。儘管聯準會在 2024 年最後一個季度將利率降低了 50 個基點，並且可能在 2025 年進一步降低利率，但高利率仍然是許多藉款人面臨的挑戰，尤其是那些擁有槓桿資產負債表的借款人。即使通貨膨脹開始消退，我們也不認為利率會回到超低水準。

During the fiscal first quarter, spreads continued to tighten compared to the fourth quarter. Competition between broadly syndicated loans and private credit drove spreads lower, which now seem to be stabilizing as many companies have already repriced or refinanced their debt.

第一財季，利差較第四季持續收窄。廣泛的銀團貸款和私人信貸之間的競爭導致利差下降，目前由於許多公司已經重新定價或再融資其債務，利差似乎正在穩定下來。

We believe a more favorable regulatory environment and an expected increase in private equity activity will increase opportunities for M&A and IPOs over the years ahead. This increased deal flow should help fix the supply and demand imbalance we have seen between lenders and borrowers in the private credit space, easing the competitive pressure that has contributed to spread compression in recent years.

我們相信，更有利的監管環境和預期的私募股權活動成長將在未來幾年增加併購和 IPO 的機會。交易量增加應有助於解決私人信貸領域貸款人和借款人之間的供需失衡問題，並緩解近年來導致利差壓縮的競爭壓力。

The uptick in dealmaking is also likely to create a strong pipeline in 2025. At the same time, private equity firms are sitting on over $2 trillion of dry powder. Conditions for deal volume are recovering with declining rates, along with valuation gaps between buyers and sellers improving. We believe all of these factors combined suggest a positive outlook for the sector in 2025.

交易數量的增加也可能在 2025 年創造強大的管道。同時，私募股權公司手中握有超過 2 兆美元的資金。隨著利率下降以及買賣雙方之間的估值差距縮小，交易量狀況正在恢復。我們相信，所有這些因素結合起來預示著 2025 年該行業前景樂觀。

I'll now turn the call over to Raghav to share details on our originations for the quarter.

現在，我將把電話轉給 Raghav，讓他分享本季我們發起的詳細資訊。

Thanks, Armen, and hello, everyone. It's a pleasure to join you on the call today. Turning to our investment activity for the first quarter. As Armen mentioned, we originated $198 million of new investment commitments with a weighted average yield of 9.6%, a slight decline from last quarter, given the move lower in reference rates. We are encouraged by the still healthy level of origination activity even at these lower yields that reflect today's more competitive environment.

謝謝，阿門，大家好。我很高興今天能參加你們的電話會議。談談我們第一季的投資活動。正如阿曼所提到的，我們發起了 1.98 億美元的新投資承諾，加權平均收益率為 9.6%，由於參考利率的下降，收益率較上一季略有下降。儘管收益率較低，但貸款發起活動仍然保持健康水平，這反映出當今競爭更加激烈的環境，這讓我們感到鼓舞。

We continue to see many compelling investment opportunities that meet our underwriting standards across sponsor and non-sponsored companies alongside undervalued publicly traded credits. This allows us to take a selective and relative value approach to new portfolio investments.

我們繼續看到許多符合我們的核保標準的引人注目的投資機會，包括贊助公司和非贊助公司以及被低估的公開交易信貸。這使得我們能夠採取選擇性和相對價值的方法來投資新的投資組合。

Paydowns, exits and sales in the first quarter generated $352 million, up from $338 million in the fourth quarter, primarily reflecting a higher level of refinancing activity across the broader market. This high level of paydowns underscores the strength of the portfolio, the Oaktree platform, and the quality of our underwriting process.

第一季的還款、退出和銷售產生了 3.52 億美元，高於第四季的 3.38 億美元，主要反映了整個市場再融資活動水準的提高。如此高的償付水準凸顯了投資組合、Oaktree平台的實力以及我們承保流程的品質。

These paydowns also reflect the success of our portfolio companies in executing their business and fiscal management plans, which include refinancing debt at more favorable terms, reducing leverage, or selling their businesses. In addition to paydowns, we also took advantage of the recent strength in the liquid credit markets and sold certain positions at prices that we believe reflect significant value.

這些償還也反映了我們投資組合公司在執行其業務和財務管理計劃方面的成功，其中包括以更優惠的條件進行債務再融資、降低槓桿率或出售其業務。除了償還債務之外，我們還利用近期信貸市場的流動性強的特​​點，以我們認為具有重大價值的價格出售了某些頭寸。

Next, I will discuss some noteworthy investments in the quarter. Starting with Encore, a global leader in audio-visual and corporate event production services owned by Blackstone. Encore is a preferred provider for many of the largest hotel chains around the world and has contracts with more than 2,200 venues across 20 countries.

接下來，我將討論本季的一些值得注意的投資。首先從黑石集團旗下的視聽和企業活動製作服務領域的全球領導者 Encore 開始。Encore 是全球許多大型連鎖飯店的首選供應商，並與 20 個國家的 2,200 多個場所簽訂了合約。

Oaktree participated in a $2.9 billion refinancing to improve the existing capital structure. Oaktree was the co-lead arranger and book runner for this deal, which included a $2.4 billion term loan and $250 million revolving credit facility. Oaktree provided $452 million of the term loan, which has a coupon of SOFR plus 5% and $48 million of the revolving credit facility. And OCSL was allocated $62 million of this deal.

Oaktree參與了29億美元的再融資，以改善現有的資本結構。Oaktree 是此次交易的聯合牽頭安排行和帳簿管理人，交易內容包括 24 億美元的定期貸款和 2.5 億美元的循環信貸。Oaktree 提供了 4.52 億美元的定期貸款，其票面利率為 SOFR 加 5%，此外還提供 4,800 萬美元的循環信貸額度。OCSL在這筆交易中獲得6,200萬美元的撥款。

Next, we also made an investment in TEAM Technologies. The company is an outsourced manufacturer of non-discretionary consumable products for large medical and dental OEMs. This financing supported Arlington Capital Partners' acquisition of TEAM Technologies. This facility consists of a $330 million term loan, a $90 million delayed draw term loan and a $50 million revolving credit facility.

接下來我們也對 TEAM Technologies 進行了投資。該公司是一家為大型醫療和牙科OEM提供非必需消耗品外包的製造商。該筆融資支持了阿靈頓資本合夥公司對 TEAM Technologies 的收購。該筆貸款包括一筆 3.3 億美元的定期貸款、一筆 9,000 萬美元的延期提取定期貸款和一筆 5,000 萬美元的循環信貸額度。

Oaktree provided $67 million of the term loan, $18 million of the delayed draw term loan and $10 million of the revolving credit facility. The term loan has a coupon of SOFR plus 4.75%, and OCSL was allocated $22 million of this deal.

Oaktree 提供了 6700 萬美元的定期貸款、1800 萬美元的延期提取定期貸款以及 1000 萬美元的循環信貸額度。該筆定期貸款的票面利率為 SOFR 加 4.75%，OCSL 從中獲得了 2,200 萬美元。

Another notable origination for the quarter was a large refinancing for Optimizely, which is a top player in the digital experience space that provides cloud-based software to enterprise and middle market customers to manage websites, content and marketing campaigns.

本季另一個值得注意的事件是 Optimizely 的大規模再融資，Optimizely 是數位體驗領域的頂級參與者，為企業和中端市場客戶提供基於雲端的軟體來管理網站、內容和行銷活動。

This financing includes a $673 million term loan with a coupon of SOFR plus 5%, as well as a $100 million revolving credit facility. Oaktree provided $101 million of the term loan and $15 million of the revolving credit facility. And OCSL was allocated $18.5 million of this deal.

該筆融資包括一筆 6.73 億美元的定期貸款，票面利率為 SOFR 加 5%，以及一筆 1 億美元的循環信貸額度。Oaktree 提供了 1.01 億美元的定期貸款和 1500 萬美元的循環信貸額度。OCSL 在這筆交易中獲得 1850 萬美元的撥款。

These transactions reflect the deal sourcing power of Oaktree's platform and our ability to participate in larger deals, which we believe is a competitive advantage today. As Armen just mentioned, we are optimistic about continued deal flow into 2025. And with the additional equity provided by Oaktree, we are well positioned to participate in these attractive opportunities.

這些交易反映了 Oaktree 平台的交易採購能力以及我們參與更大規模交易的能力，我們認為這是目前的競爭優勢。正如阿緬剛才所提到的，我們對 2025 年交易流的持續發展持樂觀態度。透過 Oaktree 提供的額外股權，我們有能力參與這些誘人的機會。

Now I will turn the call over to Chris to discuss our financial results in more detail.

現在我將把電話轉給克里斯，更詳細地討論我們的財務表現。

Thank you, Raghav. In our first fiscal quarter ending December 31, 2024, we reported adjusted net investment income of $44.7 million or $0.54 per share, down slightly from $45.2 million or $0.55 per share in the prior quarter.

謝謝你，Raghav。在截至 2024 年 12 月 31 日的第一季財政季度中，我們報告調整後的淨投資收益為 4,470 萬美元或每股 0.54 美元，略低於上一季的 4,520 萬美元或每股 0.55 美元。

The decrease was primarily driven by lower total investment income, partially offset by reduced interest expense, management fees and Part 1 incentive fees during the quarter. Adjusted total investment income in the quarter declined $8 million compared to the prior quarter, primarily due to a decrease in nonrecurring revenue, a decline in reference rates and the impact of investments on nonaccrual status.

下降的主要原因是總投資收益下降，但本季利息支出、管理費和第一部分激勵費的減少部分抵消了下降。本季調整後總投資收益與上一季相比減少了 800 萬美元，主要原因是非經常性收入減少、參考利率下降以及投資對非應計狀況的影響。

All told, these factors resulted in a $5.5 million decrease in interest income and a $2.2 million decrease in fee income. Additionally, there was a $0.3 million reduction in dividend income, largely driven by the Kemper JV.

總而言之，這些因素導致利息收入減少 550 萬美元，費用收入減少 220 萬美元。此外，股息收入減少了 30 萬美元，主要原因是 Kemper JV。

As I mentioned in my remarks last quarter, our September 30 quarterly results benefited from larger than usual nonrecurring income, whereas our December quarter results reflect a more typical level of nonrecurring income.

正如我在上個季度的評論中提到的那樣，我們 9 月 30 日的季度業績受益於比平常更高的非經常性收入，而我們 12 月的季度業績反映了更典型的非經常性收入水平。

To provide some additional context, nonrecurring income is generally composed of prepayment fees and OID acceleration on successful investment exits, and we generally see it in the neighborhood of $0.03 to $0.05 per quarter. Our nonrecurring income for the September and December quarters was about $0.09 and $0.05, respectively.

為了提供一些額外的背景信息，非經常性收入通常由預付費用和成功投資退出時的 OID 加速組成，我們通常看到它在每季度 0.03 美元到 0.05 美元左右。我們 9 月和 12 月季度的非經常性收入分別約為 0.09 美元和 0.05 美元。

Net expenses declined to $7.7 million from the prior quarter, driven by a $6.2 million decrease in Part 1 incentive fees, net of fees waived as a result of the newly implemented incentive fee structure that Matt described. We also saw a $1.5 million decline in interest expense driven by lower reference rates on our floating rate liabilities.

淨支出較上一季下降至 770 萬美元，主要由於第 1 部分激勵費用減少 620 萬美元，扣除馬特所描述的新實施的激勵費用結構導致的費用免除。由於浮動利率負債的參考利率下降，我們的利息支出也減少了 150 萬美元。

Now moving to our balance sheet. OCSL's net leverage ratio at quarter end was 1.03 times, down from 1.07 times last quarter. Prepayments and sales of $352 million outpaced our newly funded investments of $201 million, which resulted in a slight decline in the size of our portfolio.

現在轉到我們的資產負債表。OCSL本季末的淨槓桿率為1.03倍，低於上一季的1.07倍。3.52 億美元的預付款和銷售額超過了我們新註入的 2.01 億美元投資，導致我們的投資組合規模略有下降。

As of December 31, total debt outstanding was $1.61 billion and had a weighted average interest rate of 6.2%, including the effect of our interest rate swap agreements. This is down from last quarter, primarily reflecting lower interest rates on our floating rate liabilities. Unsecured debt represented 59% of the total debt at quarter end, up from last quarter.

截至 12 月 31 日，未償還債務總額為 16.1 億美元，加權平均利率為 6.2%，其中包括我們的利率互換協議的影響。這比上一季有所下降，主要反映了我們的浮動利率負債的利率下降。本季末，無擔保債務佔總債務的 59%，高於上一季。

We have plenty of dry powder to fund investment commitments, with liquidity of approximately $1.1 billion, including $113 million of cash and $958 million of undrawn capacity on our credit facilities as of December 31.

我們擁有充足的資金來資助投資承諾，流動資金約為 11 億美元，其中包括 1.13 億美元的現金和截至 12 月 31 日的 9.58 億美元未動用信貸額度。

Unfunded commitments, excluding those related to the joint ventures, were $275 million, approximately $244 million of which can be drawn immediately, as the remaining $31 million is subject to portfolio companies meeting certain milestones before the funds can be drawn.

尚未撥付的承諾金額（不包括與合資企業相關的承諾金額）為 2.75 億美元，其中約 2.44 億美元可立即提取，剩餘的 3,100 萬美元需要投資組合公司達到某些里程碑後才能提取。

Our liquidity and purchasing power was further bolstered by the $100 million of newly issued common shares on February 3, which will help diversify the portfolio and position us well to take advantage of what we believe will be an active deal flow environment in calendar year 2025.

2 月 3 日，我們發行了價值 1 億美元的新普通股，進一步增強了我們的流動性和購買力，這將有助於實現投資組合多元化，並使我們能夠充分利用我們認為 2025 年活躍的交易流環境。

I would also note that our leverage -- our target leverage ratio remains unchanged at 0.9 times to 1.25 times. And so as we add leverage to the newly issued equity, we expect it to generate a little over $200 million of additional purchasing power.

我還要指出的是，我們的槓桿率——我們的目標槓桿率保持不變，為 0.9 倍至 1.25 倍。因此，隨著我們對新發行的股票增加槓桿，我們預計它將產生略高於 2 億美元的額外購買力。

Turning now to our joint ventures. Together, the JVs currently hold $470 million of investments, primarily in broadly syndicated loans spread across 44 portfolio companies. During the first fiscal quarter, the JVs again generated attractive annualized ROE, which were approximately 12% in aggregate. Leverage at the JVs was 1.2 times, down modestly from the last quarter. In addition, we received a $700,000 dividend from the Kemper JV.

現在來談談我們的合資企業。這些合資公司目前共持有 4.7 億美元的投資，主要涉及 44 家投資組合公司的廣泛銀團貸款。在第一個財政季度，合資企業再次創造了具有吸引力的年化 ROE，總計約為 12%。合資企業的槓桿率為 1.2 倍，較上一季略有下降。此外，我們還從 Kemper JV 獲得了 70 萬美元的股息。

In closing, we made solid progress in the first quarter, strengthening our portfolio while also generating a healthy level of new originations. However, we acknowledge the current challenges within our portfolio and remain committed to working through these situations and maximizing recovery.

最後，我們在第一季取得了紮實的進展，加強了我們的投資組合，同時也創造了健康的新發行水準。然而，我們承認我們的投資組合目前面臨挑戰，並將繼續致力於解決這些情況並最大限度地實現復甦。

In combination with the shareholder-friendly measures we implemented, we believe OCSL is well positioned to navigate the current market environment and to deliver attractive risk-adjusted returns to our shareholders over the long term. We appreciate your participation on our call today, and we'll now take your questions. Operator, please open the line.

結合我們實施的股東友善措施，我們相信 OCSL 能夠很好地應對當前的市場環境，並在長期內為我們的股東帶來可觀的風險調整回報。感謝您今天的電話會議參與，現在我們將回答您的問題。接線員，請接通線路。

(Operator Instructions)

（操作員指令）

Finian O'Shea, Wells Fargo Securities.

富國證券的 Finian O’Shea。

Hi, everyone. Good morning. First question on the $100 million -- this quarter equity investment. Any color you could give on where that came from? And then the future plans for that? I think the filing says that the entity agreed not to sell until February '26. So if that's in the plan or on the other hand, if you might continue to add more going forward? Thanks.

大家好。早安.第一個問題是關於本季 1 億美元的股權投資。您能說明一下它的來源嗎？那麼未來有什麼計畫嗎？我認為文件上說該實體同意在 2 月 26 日之前不出售。那麼，如果這是計劃中的，或者另一方面，您是否可能繼續添加更多內容？謝謝。

Thanks, Fin, it's Matt. So on the last point regarding the sales plan, that's just a standard lockup, just a one year standard lockup. So I wouldn't read anything into that other than normally, when we have purchases like this, there's a lockup provision. So it basically prevents OCSL or Oaktree from selling for the next year.

謝謝，Fin，我是 Matt。關於銷售計畫的最後一點，這只是一個標準鎖定期，只是一年的標準鎖定期。因此，除了通常情況下當我們進行此類購買時，都會有一個鎖定條款之外，我不會對此進行任何解讀。因此，這基本上阻止了 OCSL 或 Oaktree 在明年的出售。

And then beyond that, obviously, Oaktree has been a shareholder in OCSL for a long time and hasn't sold any stock to date. So I wouldn't read too much into that part of it, other than just kind of a standard lockup provision.

除此之外，顯然，Oaktree 長期以來一直是 OCSL 的股東，迄今尚未出售任何股票。因此，除了一種標準的鎖定條款之外，我不會對這一部分進行過多的解讀。

In terms of the kind of the $100 million, just some more color on that. We felt just kind of given the market environment where we're seeing deployment opportunities, that would be helpful to have some significant dry powder and equity buying power that we could combine with leverage and really deploy into the pipeline. And Raghav and Armen can talk a little bit more about the market environment.

關於 1 億美元的具體內容，我對此進行更詳細的說明。我們認為，鑑於我們看到的部署機會的市場環境，擁有一些可觀的干火藥和股權購買力將會很有幫助，我們可以將這些乾火藥和股權購買力與槓桿相結合，真正部署到渠道中。Raghav 和 Armen 可以再多談談市場環境。

But the market environment was in terms of investing is attractive. So we thought having the Oaktree GP buy the equity and purchase it at NAV, I just want to be clear that the purchase was at the January 31 NAV made a ton of sense, it gives us kind of 5% to 10% additional liquidity or buying power for assets. And just seem to make a lot of sense all the way around as we looked at it.

但就投資而言，市場環境是有吸引力。因此，我們認為讓 Oaktree GP 購買股權並以資產淨值購買，我只是想明確一點，以 1 月 31 日的資產淨值購買非常有意義，它為我們提供了 5% 到 10% 的額外流動性或資產購買力。當我們觀察它時，它似乎從各方面都很有意義。

Okay. That's helpful. Thanks. And maybe one for Armen as an extension of that. We heard some more language on it this quarter with market senior. Can you sort of talk about the why behind the strategic credit group's ongoing push toward more of the plain direct lending, larger company, more senior participations? If that's a change in the market or your platform driving that and how we should think of that as the better risk-adjusted opportunity?

好的。這很有幫助。謝謝。或許可以為阿爾緬 (Armen) 也提供一個這樣的延伸。本季度，我們從市場高層聽到了更多關於此問題的言論。您能否談談策略性信貸集團不斷推動更多一般直接貸款、更大公司和更多高階參與的背後原因？如果這是市場或您的平台推動的變化，我們應該如何將其視為更好的風險調整機會？

Yes. Thanks, Fin. So I don't think it's a change in philosophy or what we're kind of doing rit large at the firm or in the strategic credit group. We continue to have capabilities that are sort of sector focused. We continue to invest in life sciences and in other sectors on a dedicated basis.

是的。謝謝，Fin。因此，我不認為這是一種理念的改變，也不認為是我們在公司或策略性信貸部門所做工作的改變。我們繼續擁有以某個產業為重點的能力。我們將繼續專門投資生命科學和其他領域。

However, I think with the rapid increase in rates and the continued sustained fairly high SOFR rates, we think that first lien sponsored lending that is sort of high single digit and into the low double digits, it represents really good value relative to other things we're seeing. So really leaning into first lien there because we don't think that picking up the extra return by going junior is usually worth it.

然而，我認為，隨著利率的快速上升和持續維持相當高的 SOFR 利率，我們認為，第一留置權擔保貸款的利率處於高個位數到低兩位數之間，相對於我們看到的其他貸款而言，它確實具有很好的價值。因此，我們確實傾向於優先留置權，因為我們認為，透過初級留置權來獲取額外回報通常是不值得的。

Now why is that? It's because when rates did go -- when SOFR was above 5% and spreads were 6%, 6% to 6.5%, that implied first lien lending was returning something like 11% or 12% or the cost of borrowing for borrowers was 11% or 12%. To go junior would mean we would have to charge 14% or 15% to those same borrowers.

那為什麼呢？這是因為當利率確實上升時——當 SOFR 高於 5% 且利差為 6%、6% 至 6.5% 時，這意味著第一留置權貸款的回報率為 11% 或 12%，或者藉款人的借貸成本為 11% 或 12%。選擇次級貸款意味著我們必須向相同的借款人收取 14% 或 15% 的利率。

And private equity sponsors, and frankly, other borrowers that are non-sponsor owned, when they looked at that pricing, they said, you know what, that's the cost of my equity anyway. I'd rather over equitize then to than to pay you 14%, 15%, 16%.

而私募股權發起人，坦白說，其他非發起人所有的借款人，當他們看到這個定價時，他們會說，你知道嗎，不管怎樣，這就是我的股權成本。我寧願過度公平化，也不願向你支付 14%、15%、16%。

And so if you did want to kind of hold firm to junior positioning, it usually meant some sort of inadequacy either in the sponsor or in the company that caused them to borrow at that cost of borrowing. So we really pushed heavily into first lien because we thought that it was lower risk, attractive return. So on a relative basis, the best risk-adjusted return we saw in the market.

因此，如果你確實想堅守初級地位，這通常意味著發起人或公司存在某種不足，導致他們以這樣的借貸成本進行借貸。因此，我們大力推行第一留置權，因為我們認為它風險較低、回報可觀。因此，相對而言，我們在市場上看到了最佳的風險調整回報。

Now that the rates are going down, spreads have declined, we're seeing an increase in M&A deal volume, we think some junior opportunities will become more interesting as first lien lending goes to sort of 8% to 10%. And so there could be some junior opportunities at 10% to 12% or maybe 10% to 13% that could be interesting. But we're always evaluating the quality of those situations versus the first lien.

現在利率正在下降，利差也已經縮小，我們看到併購交易量正在增加，我們認為，隨著一級留置權貸款利率升至 8% 至 10% 左右，一些初級機會將變得更有趣。因此，10% 到 12% 或 10% 到 13% 之間的一些初級機會可能會很有趣。但我們始終在評估這些情況相對於第一留置權的品質。

And as for now, without a meaningful increase in the potential deal flow of junior debt or the potential deal flow of teams returning non sponsored direct lending in a really -- in a very significant way in terms of additional deal flow, we still getting sort of 9%-ish on first lien lending is pretty attractive relative to other things we could be doing.

就目前而言，在次級債務的潛在交易流量或團隊歸還非贊助直接貸款的潛在交易流量沒有顯著增加的情況下——在額外交易流量方面沒有非常顯著的增加，我們仍然可以獲得 9% 左右的優先留置權貸款利率，相對於我們可以做的其他事情來說，這是相當有吸引力的。

Great. It's helpful. Thank you so much.

偉大的。這很有幫助。太感謝了。

Thank you.

謝謝。

Matthew Hurwit, Jefferies.

傑富瑞 (Jefferies) 的馬修赫維特 (Matthew Hurwit)。

Hi, everybody. Just a quick one. That upcoming debt maturity this month, maybe I missed it, but can you talk about the options you're considering there?

大家好。只需快速操作即可。本月即將到期的債務，我可能錯過了，但你能談談您正在考慮的選擇嗎？

Sure. Sure. So we have a bond maturity at the end of February. And we're looking at really all of our options. We have plenty of liquidity, existing liquidity between -- we have almost $1 billion of capacity on our revolver. We have ABL facilities. We obviously have the equity just raised. And OCSL has been a frequent and successful issuer in the unsecured market. So we'll continue to look at that.

當然。當然。所以我們的債券將在二月底到期。我們正在考慮所有的選擇。我們有充足的流動性，現有的流動性——我們的循環信貸額度有近 10 億美元。我們有 ABL 設施。我們顯然剛剛籌集了股本。OCSL 一直是無擔保債券市場上的頻繁發行者，並且取得了成功。我們會繼續關注這個問題。

And really kind of post earnings, just take a sense of all the various markets and opportunities to us and then kind of take a course of action, I think, makes the most sense. But the good news, we have plenty of liquidity through -- in all of our facilities. So we'll just look at the market environment and make a decision.

實際上，在獲利之後，我們只需要了解各種各樣的市場和機會，然後採取最有意義的行動。但好消息是，我們所有的設施都擁有充足的流動性。因此我們只需觀察市場環境並做出決定。

Okay. Great. Makes sense. And then just sort of high level, could you talk about what the short-term and medium-term goals are for the company at this point with your recent dividend and management fee structure?

好的。偉大的。有道理。然後從高層來講，您能否談談公司目前的短期和中期目標以及最近的股息和管理費結構？

Can you be a little bit more specific about -- I mean, in terms of our goal -- I'll be general and then if you have a specific question, please feel free to follow up. But I think the general goal of the BDC is to cover our dividend in a comfortable way. It is to grow the asset base and further diversify the portfolio. It is to take our nonaccrual assets and those equities that aren't paying dividends and coupons and convert them into interest income earning performing credit assets. So working through the troubled assets as quickly and as efficiently as we can.

您能否更具體地說明一下——我的意思是，就我們的目標而言——我會概括一下，然後如果您有具體問題，請隨時跟進。但我認為 BDC 的總體目標是以舒適的方式支付我們的股息。這是為了擴大資產基礎並進一步實現投資組合多樣化。就是把我們的非應計資產和那些不支付股息和票息的股票轉換成賺取利息的正常信貸資產。因此，我們要盡可能快速、有效率地處理問題資產。

That would really be the summary of it. I mean, that's why we've changed the dividend in a manner where it's -- the base dividend is kind of reset lower where we think we could comfortably cover it. And any excess will both kind of add to the dividend and help improve NAV.

這確實就是它的總結。我的意思是，這就是為什麼我們改變股息的方式——基本股息被重新設定為較低的水平，我們認為我們可以輕鬆地覆蓋它。任何超額部分都會增加股息並有助於提高資產淨值。

So we decided to roll out all of these changes all at once to really improve both the stability of the dividend and the ability of OCSL to improve NAV, but we continue to separate, and apart from that, block, and tackle to turn those -- some of the troubled assets into good assets. So if you have specific questions beyond that, we're happy to take them.

因此，我們決定一次推出所有這些變化，以真正提高股息的穩定性和 OCSL 改善資產淨值的能力，但除此之外，我們將繼續分離和阻止這些資產，並努力將這些資產轉變為優質資產。因此，如果您還有其他具體問題，我們很樂意為您解答。

Okay. No, that's -- sort of what I was looking for. Thanks very much.

好的。不，這就是我所尋找的東西。非常感謝。

Thank you.

謝謝。

Melissa Wedel, JPMorgan.

摩根大通的梅麗莎·韋德爾。

Good morning. Thanks for taking my question. When we think about the supplemental dividend level going forward, can you help us better understand how much of the excess earnings above the base you're aiming to pay out versus retain? Is it -- should we think of half and half or something a little bit more than that?

早安.感謝您回答我的問題。當我們考慮未來的補充股息水準時，您能否幫助我們更好地了解您計劃支付多少超過基數的超額收益，而不是保留多少？我們是不是應該考慮一半一半，或更多一點呢？

Yes. Melissa, it's Matt. Thanks for the question. I would kind of assume half and half. So roughly 50% of the income above the base would be paid in a supplemental dividend. So I would just use 50%

是的。梅麗莎，我是馬特。謝謝你的提問。我認為應該是一半一半。因此，超過基數的收入的大約 50% 將以補充股息的形式支付。所以我只會用 50%

That's helpful. Okay. And then just looking at sort of existing cash balances on interesting timing on the equity injection from Oaktree. I would think there -- we should be expecting some sort of multiple quarter deployment period for that. So should we think of there being potentially a bit of cash drag over the next couple of quarters?

這很有幫助。好的。然後只需查看 Oaktree 股權注入的有趣時機即現有現金餘額。我想我們應該期待某種多個季度的部署期。那麼，我們是否應該考慮未來幾季可能會出現一些現金拖累的情況？

Melissa, it's Raghav. I can take that. So we do have a pretty strong pipeline that we've been building into in anticipation of the equity raise, both on the private side as well as public side. So you're right, it will take us a couple of quarters. But given the pipeline we have, I think we can deploy the new equity plus the associated leverage fairly quickly.

梅麗莎，我是拉加夫。我可以接受。因此，我們確實擁有一個相當強大的管道，我們正在為股權融資做準備，包括私人和公共方面的融資。所以你說得對，這將需要幾個季度的時間。但考慮到我們現有的管道，我認為我們可以相當快速地部署新的股權和相關槓桿。

Okay. And so when you think of the pipeline, that's not just on a gross basis, but also on net, just to clarify?

好的。因此，當您考慮管道時，這不僅是總量，也是淨量，可以澄清一下嗎？

Correct. So net of anticipated repayments on the existing portfolio.

正確的。因此，現有投資組合的預期償還金額已扣除。

Okay. Thank you. I'll hop back in the queue.

好的。謝謝。我將重新回到隊列中。

(Operator Instructions)

（操作員指令）

Mike Whittaker, as a Private Investor.

麥克‧惠特克（Mike Whittaker），一位私人投資者。

Thank you so much for taking my call. I was kind of curious. I noticed in your announcement that you bought back shares at net asset value, while it's obviously available in the marketplace at, give or take a point, about 13% discount. And I'm sure that there's a reason for that, but I was just kind of curious as to what that reason is?

非常感謝您接聽我的電話。我有點好奇。我注意到你們在公告中以淨資產價值回購了股票，而市場上顯然可以以大約 13% 的折扣購買這些股票。我確信這是有原因的，但我只是有點好奇這個原因是什麼？

Sure. It's a great question, Mike. And as you mentioned, we did the Oaktree, the manager purchased the shares at the January 31 NAV, which was at the time, roughly a 10% premium to market and -- versus buying it in the market at the discount.

當然。這是一個很好的問題，麥克。正如您所說，我們投資了 Oaktree，經理以 1 月 31 日的資產淨值購買了股票，當時的價格比市場價格高出約 10%，而不是以折扣價在市場上購買。

And just kind of reiterating and digging a little deeper into the rationale for that. So what we think is super -- the interesting opportunity, a great way -- the best way to add value to OCSL is to continue to invest in the current environment and the pipeline we're seeing. And so if we were just -- the manager just to buy in the market doesn't create any equity or any kind of asset growth to the BDC.

只是重申並更深入地探討這一點的理由。因此，我們認為這是一個超級有趣的機會，一個很好的方式，為 OCSL 增加價值的最佳方式是繼續投資於當前環境和我們看到的管道。因此，如果我們只是——經理人只是在市場上買入，並不會為 BDC 創造任何股權或任何形式的資產成長。

Whereas by investing at NAV, putting the equity in -- we haven't changed our leverage target. So we can borrow against that equity and deploy that into assets and grow the asset, create more diversification and asset growth in -- on the balance sheet in OCSL. We think that was better than just buying -- and the manager buying in the market, even if it was at a discount. So that was the rationale behind that action.

而透過投資資產淨值，投入股權——我們並沒有改變我們的槓桿目標。因此，我們可以抵押該股權並將其部署到資產中並增加資產，在 OCSL 的資產負債表上創造更多的多樣化和資產成長。我們認為這比直接購買要好——經理在市場上購買，即使是打折購買。這就是該行動背後的理由。

Yes. And this is Armen. We recognize that in us buying at NAV versus a stock price that's trading at a discount to NAV is a great thing for shareholders. And that's something that Oaktree felt very comfortable doing as a sign of support for OCSL, as a sign of support for our NAV in the BDC. And it made sense for us in that scale to press forward and to really, as Matt said, deploy capital on behalf of OCSL into a very attractive market environment. So we know it's a very positive thing for shareholders, and that's something we felt very comfortable doing.

是的。這是阿曼。我們認識到，以資產淨值買入，而不是以低於資產淨值的折扣價交易的股票價格買入，對股東來說是一件好事。Oaktree 非常樂意這麼做，以表達對 OCSL 的支持，也表達對我們 BDC 的 NAV 的支持。對我們來說，以這樣的規模繼續前進是有意義的，正如馬特所說的那樣，代表 OCSL 將資本真正投入到一個非常有吸引力的市場環境中。所以我們知道這對股東來說是一件非常正面的事情，而且我們也對此感到非常舒服。

And it wasn't nearly as positive as being able to buy it at a discount?

而這還不如以折扣價購買那麼划算嗎？

Well, it's more positive for shareholders, doing it the way we did it, than it is to buy at a discount. And as Matt said, this puts dry powder on the balance sheet of OCSL rather than buying existing shares from other shareholders. So we really want to grow the size of OCSL, the deployment -- the additional deployment, I think that's also a good thing for the shareholders. So I think it's doubly good, the way we did it.

嗯，按照我們的做法，比以折扣價購買對股東來說更有利。正如馬特所說，這只會為 OCSL 的資產負債表帶來大量資金，而不是從其他股東手中購買現有股份。因此，我們確實希望擴大 OCSL 的規模和部署——額外的部署，我認為這對股東來說也是一件好事。所以我認為我們這樣做是雙重好處的。

Okay. I'll accept that. Is there somebody that I could talk to after the call, just so I get a better understanding on that? I have a pretty substantial investor in OCSL and two of the private placements, and I would just like to drill down on that a bit, just to make me a little bit smarter in that area.

好的。我接受。通話結束後我可以和某人聊聊，以便更好地了解情況嗎？我在 OCSL 和兩個私募中有一個相當大的投資者，我只是想深入了解這一點，只是為了讓我在這個領域更聰明一點。

And then I do have one other question is, if I understood you correctly, and I didn't read it, I apologize, the full announcement. But it sounded to me earlier on the call that you have issued more shares in OCSL. And if so at what price were those shares issued?

然後我還有一個問題，如果我理解正確的話，我沒有讀過完整的公告，我很抱歉。但我在早些時候的電話中聽聞，您已在 OCSL 發行了更多股份。如果是的話，這些股票的發行價格是多少？

Sure. So we issued $100 million of shares of OCSL to Oaktree, the manager, at $17.63 per share, which was the net asset value at January 31, 2025, and at a premium to the market price.

當然。因此，我們向管理公司Oaktree發行了價值1億美元的OCSL股票，發行價格為每股17.63美元，即2025年1月31日的淨資產價值，且高於市場價格。

So all of those are one and the same. Everything we're talking about is part of a single transaction where we bought --

所以所有這些都是同一個。我們正在談論的一切都是我們購買的單一交易的一部分--

That kind of became the -- why are you doing that? But -- and I don't want to take up time here on the call just to answer my stupidity, but it's an unusual transaction, I think you have to agree. And I would just like to drill down on that a little bit further.

這變成了──你為什麼要這麼做？但是——我不想在電話裡浪費時間來回答我的愚蠢問題，但這是一筆不尋常的交易，我想你必須同意。我只是想進一步深入探討這個問題。

Hey, Mike, this is Dane. I'll happily give you a call after this, and we can walk through it.

嘿，麥克，這是丹恩。之後我會很樂意打電話給你，然後我們可以一起討論一下。

That would be super, Dane. Thank you so much.

那太棒了，丹恩。太感謝了。

Not a problem.

沒問題。

Melissa Wedel, JPMorgan.

摩根大通的梅麗莎·韋德爾。

Thanks for the follow up. I just wanted to clarify with the new look back feature on the incentive fee. When you're incorporating the impact of any losses, I realized -- I think the Q indicated that's both realized and unrealized. Should we be including any of the foreign currency gains and losses on there, too?

感謝您的跟進。我只是想澄清一下有關激勵費用的新回顧功能。當你考慮到任何損失的影響時，我意識到 - 我認為 Q 表示既有已實現的，也有未實現的。我們是否也應該將外匯收益和損失納入其中？

Hey, Melissa, it's Chris. Thanks for the question. And yes, it will include all capital gains and losses, including the foreign currency movements. And I think you may have touched on it before, but we -- those foreign currency movements that you see broken out are for our foreign currency board contracts that we're using for hedging purposes. So kind of net-net, that foreign currency impact, kind of [de minimis] on our results.

嘿，梅麗莎，我是克里斯。謝謝你的提問。是的，它將包括所有資本收益和損失，包括外匯變動。我想您可能已經提到過這一點，但是您看到的那些外匯變動是我們用於對沖目的的外匯委員會合約。因此，整體而言，外匯影響對我們的結果影響很小。

Yeah. Okay. Thank you.

是的。好的。謝謝。

With no further questions, this concludes our question-and-answer session. I would like to turn the conference back over to Dane Kleven for any closing remarks.

如果沒有其他問題，我們的問答環節就此結束。我想將會議交還給 Dane Kleven，請他作最後發言。

Thank you all for participating on our call today. Please don't hesitate to reach out if you have additional questions. Have a great day and thank you for your continued support of OCSL.

感謝大家參加我們今天的電話會議。如果您還有其他問題，請隨時與我們聯絡。祝您有愉快的一天並感謝您對 OCSL 的持續支持。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。